Kristen Sieffert, president of Finance of America Reverse, speaks during The Gathering by HousingWire on Monday, April 21, 2024. Photo credit: AJ Canaria Reverse mortgages became an unexpectedly prominent topic during certain parts of The Gathering by HousingWire, held earlier this week in Scottsdale, Arizona. The reverse lending industry’s most prominent attendee — Kristen Sieffert […]
Taylor Stork, president of the Community Home Lenders of America, speaks at The Gathering by HousingWire on Wednesday, April 25, 2024. Photo credit: AJ Canaria It was initially billed as a discussion centered on the “biggest threats to a healthy mortgage landscape for homebuyers,” but some breaking news disrupted some of those plans. The Consumer […]
The way that someone refers to the concept of diverse communities in their interactions with consumers and housing professionals can be a key indicator about their mindset. Antiquated terminology should be checked and minimized for anyone who wants to keep up with the times. That was one of the messages shared by Mosi Gatling, senior […]
Pennymac Financial Services earned a profit of $39.3 million in the first quarter of 2024, the California-based multichannel lender and servicer announced Wednesday. The company’s pretax gain in the first quarter was $43.9 million. That was less than the $38.1 million figure it posted during the same period last year but a significant improvement from […]
Two former New Jersey-based mortgage loan originators have been charged with conspiracy to commit bank fraud by the U.S. Attorney’s Office, District of New Jersey according to an announcement by the U.S. Department of Justice (DOJ) and U.S. Attorney Philip Sellinger. Christopher Gallo has been noted as a top-producing loan originator, at one point being […]
Florida-based wholesale lender A&D Mortgage appointed Satish Vishwakarma to the role of servicing manager, the company announced on Tuesday. In this new role, Vishwakarma will be responsible for overseeing the day-to-day operations of the mortgage servicing department. He will ensure the successful management of mortgage servicing teams while leading efforts to streamline operations, enhance quality and […]
Mortgage lenders should get used to the concept of ”higher for longer” interest rates and work to bring profitability to their businesses, according to Stan Middleman, founder, president and CEO at Freedom Mortgage. ”Your interest rates are going to be higher for longer,” he said. ”This year will look a lot like last year. Next year […]
Figure Technology Solutions, the parent company of Figure Lending LLC, named Michael Tannenbaum as its new CEO, the company announced on Tuesday. Tannenbaum will also be a member of the board of directors. Meanwhile, Mike Cagney, the company’s co-founder and previous CEO, will continue to serve as executive chairman of the company. “With its proven ability to […]
The Consumer Financial Protection Bureau (CFPB) on Wednesday released a new edition of its Supervisory Highlights publication, which includes the agency’s actions to combat what it calls “junk fees charged by mortgage servicers, as well as other illegal practices.” Examinations conducted by the bureau found mortgage servicers levied charges it deems “illegal,” including prohibited property […]
HousingWire is excited to announce this year’s Rising Stars, representing the next generation of leaders in mortgage and real estate. This year 80 honorees were selected. The Rising Stars award recognizes the emerging leaders in the industry who have demonstrated rapid career growth and an ability to lead, achieving remarkable milestones all before the age […]
Mortgage demand dipped last week as mortgage rates reached their highest levels since late 2023. Applications decreased by 2.7% on a seasonally adjusted basis during the week ending April 19, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Mortgage rates continued to move higher last week, reaching their highest levels since late […]
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2024 Marketing Leaders award are open now through April 30th, 2024. Click here to nominate someone. The HousingWire Marketing Leaders award recognizes outstanding professionals who have demonstrated excellence in marketing within mortgage and […]
On Tuesday at The Gathering by HousingWire in Scottsdale, Arizona, Guild Mortgage CEO Terry Schmidt sat down with HousingWire editor in chief Sarah Wheeler to talk about the principles guiding much of the lender’s actions in recruiting, mergers and acquisitions (M&A) and overall business outlook. Building a strong workplace culture was a predominant theme of […]
New York-based multichannel lender US Mortgage Corporation previously announced that it was renewing its efforts in the reverse mortgage industry, having hired industry veteran Ken Krajewski to serve as managing director and head of reverse mortgage lending. To go deeper into the company’s renewed efforts in the space, RMD sat down with Krajewski and US […]
loanDepot CEO Frank Martell expects the current mortgage market cycle to be “longer and tougher than anybody expected.” Adding to this challenge, lenders must deal with an increased risk of cyberattacks, something that loanDepot itself experienced earlier this year. “At least around loanDepot, people were doing high 5s [30-year fixed mortgage rates] in the fourth […]
Rocket Mortgage launched a new artificial intelligence (AI) tool on Tuesday that allows its client experience teams to analyze sentiment, record behavior patterns, transcribe conversations and create tailored experiences during customer interactions. The lender estimates it will save tens of thousands of hours annually. That’s the latest step the mortgage lender has taken to integrate AI into […]
Austin-based fintech startup Hitch announced the launch of its Hitch Home Equity White Label program in partnership with United Mortgage Corp. This iteration signals Hitch’s smooth transition from the direct-to-consumer market to a collaborative effort with independent mortgage lenders. United Mortgage Corp., a midsized lender based in the state of New York, originated more than […]
Earlier this month, California-based multichannel mortgage lender CMG Financial announced that it had acquired Norcom Mortgage’s retail assets to expand its operations in the Northeast. The deal, however, will not include core members of Norcom’s well-known team of reverse mortgage professionals, including John Luddy, Norcom’s senior vice president of reverse lending. In interviews with RMD, […]
Ginnie Mae has filed a point-by-point response to the initial complaint of the case brought against it by Texas Capital Bank (TCB), which alleges that the government-owned company “extinguished, in return for no consideration, TCB’s first priority lien on tens of millions of dollars in collateral” stemming from the Federal Housing Administration (FHA)-sponsored Home Equity […]
Retirement at 65 has been a longstanding norm for U.S. workers, but older investors believe that not only is such an outcome unfeasible, but they’re likely to face more challenging retirements than their parents or grandparents. This is according to recently released survey results from Nationwide, with a respondent pool that included 518 financial advisers […]
The U.S. Department of Housing and Urban Development (HUD) this week announced a new rule aimed at bolstering the department’s Section 184 Indian Housing Loan Guarantee program, with the goal to increasing lender participation and ensure access to potential Native American beneficiaries. The final rule, published in the Federal Register on March 20 but formally […]
Ginnie Mae President Alanna McCargo is resigning from her position at the government-owned company effective May 3, according to an announcement issued Friday by the U.S. Department of Housing and Urban Development (HUD). Ginnie Mae principal executive vice president Sam Valverde will serve as acting president of the company upon her departure. “The past 3.5 […]
A Freddie Mac home equity product that was proposed this week has the potential to unlock $850 billion in origination volume. But it could face challenges due to the lack of a robust securitization market, according to strategists at Bank of America (BofA). On Tuesday, the Federal Housing Finance Agency (FHFA) announced a request for […]
The Academy for Home Equity in Financial Planning housed at the University of Illinois Urbana-Champaign (UIUC) will return to being known as the Funding Longevity Task Force, and it will “mobilize as needed if there are any regulatory changes or major changes within the reverse mortgage industry,” according to a representative for Mutual of Omaha […]
Florida-based First Federal Bank announced on Thursday that it struck a deal to acquire Watson Mortgage Corp., expanding its mortgage retail lending footprint in the communities in which it operates. The financial details of the deal were not disclosed. First Federal Bank has 25 branches in the Southeast and operations in the Midwest, including mortgage centers in Jacksonville, […]
The median monthly housing payment for U.S. homebuyers rose to a record $2,775 during the four-week period ending April 14, up 11% year over year, according to a Redfin report. The recent hotter-than-expected inflation reading sent mortgage rates upward. On Thursday, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.31%, up […]
A former loan officer at Guaranteed Rate (G-Rate) has sued the lender and two managers for allegedly discriminating against her on the basis of gender, failing to compensate her equally to male coworkers with similar performance and subjecting her to sexual harassment. In response, the lender said it’s conducting a detailed investigation into the claims. […]
Data courtesy of Sterling Point Advisors and Augment Analytics Brett Ludden is managing director and co-head of the financial services team at Sterling Point Advisors, a merger and acquisitions advisory firm. He is also the co-founder and managing partner of Augment Analytics. “We’re seeing a downward trend in total [loans] repurchased [on a dollar basis], and […]
Wire fraud prevention firm CertifID and big four title firm Old Republic have entered into a strategic agreement to prevent mortgage payoff fraud, according to an announcement on Thursday. Mortgage payoff fraud occurs when a title company mistakenly sends payoff funds to a fraudulent bank account after receiving wire instructions that appear to be from […]
Following the submission of a letter by Indiana Sen. Mike Braun (R) to Ginnie Mae President Alanna McCargo about concerns related to the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program, McCargo’s predecessor, Ted Tozer, hopes the senator will dive deeper into the program’s mechanics and what led to the collapse of Reverse Mortgage Funding […]
The Mortgage Bankers Association (MBA) announced on Wednesday a series of legislative recommendations, which it sent to the chairman and ranking member of the U.S. House of Representatives’ Financial Services Committee as the body considers the markup of proposed bills centered on real estate financing. The first piece is House Joint Resolution 120, which would […]
The Federal Housing Finance Agency (FHFA) this week announced a new product proposal for government-sponsored enterprise (GSE) Freddie Mac that would allow the agency to purchase certain single-family, closed-end second mortgages. This would offer borrowers an alternative way to access their home equity without surrendering a first mortgage with a more favorable interest rate than […]
Capital Fundings, a Florida-based private mortgage lender, has partnered with real estate investment platform Privy, the companies announced on Tuesday. The collaboration will allow Capital Fundings’ borrowers to receive personalized investor insights. “Capital Fundings is thrilled to embark on this exciting journey with Privy,” Alex Bogumil, CEO of Capital Fundings, said in a statement. “Our […]
Mortgage demand increased for the second week in a row on the back of a strong economy. Applications increased by 3.3% on a seasonally adjusted basis during the week ending April 12, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Rates increased for the second consecutive week, driven by incoming data indicating […]
Nearly half (48%) of a $65 billion portfolio of loans processed during the first quarter of 2024 contained vulnerabilities to wire and title fraud, according to a report released Wednesday by FundingShield. The portfolio of loans examined included residential, commercial investor and business purpose loans. On loans that exhibited problems, the analysis found an average […]
Tennessee-based multichannel mortgage lender First Community Mortgage announced on Wednesday that it has selected the Blue Sage Solutions digital lending platform and its LION Consumer POS to help scale its growth efforts across the 48 states it operates in. The move allows the lender to have “modernized its mortgage operational processes, boosted productivity and delivered […]
Mortgage applications for new homes stalled in March as buyers felt the brunt of sustained home price growth. Compared to February 2024, mortgage applications for new-home purchases rose 1% in March. Applications were up 6.2% from March 2023, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey. According to MBA estimates, new single-family home […]
In a down market disrupted by the commission lawsuits, agents and LOs are considering working in a dual capacity. But it’s a tough road to hoe. AI image generated by MidJourney. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg?w=1024″ src=”https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg?w=1024″ alt=”Copy of Copy of Newsroom Template” class=”wp-image-456316″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2024/04/Copy-of-Copy-of-Newsroom-Template.jpg?resize=1024,576 1024w” sizes=”(max-width: 1200px) 100vw, […]
Because of certain persistent reputational challenges faced by the reverse mortgage industry, it can be challenging for borrowers to find objective informational sources about the product category. That’s what drove a listener of the podcast “The Indicator from Planet Money,” a production of National Public Radio (NPR), to ask hosts Wailin Wong and Darian Woods […]
Bank of America (BofA) reported another quarterly decline in mortgage and home equity production in the first quarter of 2024. On Tuesday morning, the top-20 U.S. mortgage lender stated it produced a volume of $3.4 billion in first mortgages from January to March, down 12.5% from the $3.9 billion in the previous quarter and the same […]
In the late 2000s, Ryan Schmidt was a restaurant manager with no real understanding of the reverse mortgage product. It wouldn’t take long for that to change, however, and Schmidt now serves as the vice president of partner engagement at Finance of America Reverse (FAR), the reverse mortgage industry market leader in the U.S. No […]
Fannie Mae and Freddie Mac will not count buyer’s agent commissions as part of their allowable interested party contributions (IPCs), according to announcements from the government-sponsored enterprises (GSEs) on Monday. The GSEs noted that this guidance was not an update to their selling guides but a clarification on the treatment of seller-paid real estate agent […]
As older people increasingly express their preference to age in place in their own homes, family members will oftentimes be required to provide some semblance of care for their loved ones in later life. Caregiving challenges can be compounded if there’s only one child in the family, but a reverse mortgage could offer a solution, […]
Last week’s above-consensus inflation figures brought the mortgage market back to a sour reality: The average 30-year fixed mortgage rate, an index closely watched by industry experts, may be close to or even above the 7% level for longer than previously expected. If this scenario unfolds, analysts and executives will be ready to update their […]
The National Association of Mortgage Brokers (NAMB) announced a partnership with artificial intelligence (AI)-based video marketing platform Roomvu to provide mortgage brokers with marketing tools. The new partnership will make digital marketing easier for NAMB members to market their services with automation tools to create content and distribute newsletters, the association said. “This partnership represents […]